financialflagship

USD/CAD – Week 23 – Bouncing above the Weekly support.

Long
FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
The pair looks like it is making a complex consolidation pattern for more bearish continuation.
For this week we expect a breakout from the blue rectangle that can push the price towards the resistance area . After this move is completed, we expect the price to fall and break the weekly support.
The trigger for the bullish move inside the correction could be the BOC Interest rate decision that will take place on Wednesday.
Our advice is to be cautious and avoid trading this pair for now, as nothing is clear.
Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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Comments

Excellent breakdown :) Love it ;)
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financialflagship SensibullTrading
@SensibullTrading, Thank you buddy :)
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here is strong weekly support
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@MMBTtrader let's see if we bounce into a correction from here
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